Over the past six months, participants of the Emerging Leaders Book Club met to explore three powerful titles: Greenlights by Matthew McConaughey, The Psychology of Money by Morgan Housel and The Obstacle Is the Way by Ryan Holiday. Three of the NJCPA members who led the book discussions — Matt Mojica, Brandon Ventura and Lexi Wilson — share why these books were chosen as well as the insights and “aha” moments that inspired them.

Topics discussed:

• Why these three books were chosen
• Common themes across the books
• Insights that stood out
• Big-picture messages
• How insights from the books can be applied in your career
• Future of the book club

Resources:

• Emerging Leaders meetings and events
• Career Development Knowledge Hub

Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-09 makes improvements to income tax disclosures. It’s already effective for public companies and will become effective for private companies soon. Get an overview of the changes.

Resources:

• FASB ASU 2023-09
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

When HBK CPAs & Consultants moved its mid-Atlantic regional headquarters to the historic Bell Works in Holmdel, the firm’s managing principal and CEO, Tom Angelo, said he wanted the firm to provide the expertise to help small businesses grow beyond even what they might imagine for themselves. Hear from Tom about how HBK envisions the future of accounting, from staffing and talent, to private equity and the transformative potential — and challenges — of artificial intelligence.

Topics discussed:

• What drove HBK’s transformation into a multidisciplinary financial-services company
• How firms can balance growth with maintaining culture and service quality
• HBK’s strategy on AI integration
• How HBK is adapting its staffing strategy
• Impact of AI on service offerings
• Qualities HBK looks for in young accountants
• How HBK has changed its training to reflect the firm’s evolving structure

Resources:

• Connect with Tom
• Firm Management Knowledge Hub

The PCAOB recently released new staff guidance on paragraph .10A of AS 1105, Audit Evidence, including illustrative examples that can help audit firms implement the requirements. This is particularly important given the growing use of artificial intelligence.

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• PCAOB Staff Guidance: Examples of Evaluating of Reliability of External Information Provided by the Company in Electronic Form
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

Visa has announced a major overhaul of its commercial credit card data standards through its new Commercial Enhanced Data Program (CEDP), and businesses should take notice in order to avoid paying significantly higher rates. Eric Cohen, CEO at Merchant Advocate, explains what this means for businesses and why CPAs need to be paying attention.

Topics discussed:

• What CEDP is and why Visa is moving away from the old system
• Impacts that controllers, CFOs and public accountants should be preparing for
• Common system and data problems that could cause business to fall out of compliance
• What CPAs should be asking their payment processors now
• Preview of another big pending issue in the credit card processing world

Resources:

• Visa CEDP Explained: What Every B2B Merchant Needs to Know
• Learn more about Merchant Advocate and their special offer for NJCPA members
• Business Management Knowledge Hub

#IssuesWatch #podcast #visa #cedp

Hear about FASB’s recent analysis of what it’s costing companies to comply with the lease accounting standard.

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• FASB reckons with higher-than-expected lease accounting costs
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

Contrary to almost every single poll, Congresswoman Mikie Sherrill beat her Republican challenger Jack Ciattarelli in the New Jersey Governor’s race by a whopping 13 points. Dr. Ben Dworkin, director of the Rowan Institute for Public Policy and Citizenship at Rowan University, provides his expert insight and analysis of election results.

Topics discussed:

• What contributed to Mikie Sherrill’s large margin of victory
• Why the polls were so off base
• Impact of President Trump’s endorsement of Jack Ciattarelli
• Who “Never Trumper” Republicans voted for
• Were the widespread wins for Democrats across the country a fluke or a trend?

Resources:

• NJCPA members’ economic priorities for Governor-Elect Sherrill
• Legislative Action Center

This episode includes a discussion on an SEC proposal to change the frequency of reporting and the implications of doing so. It also highlights a new tool from NASBA to help with CPA license mobility as states continue to adopt multiple pathways to CPA licensure.

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• CPA Mobility tool
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group

As finance teams face mounting pressures, from talent shortages to increasing reporting demands, many are turning to outsourcing as a strategic solution. At the same time, artificial intelligence is reshaping how financial information is processed, analyzed and reported. Hear about a new report from the Financial Executives International and CohnReznick about how outsourcing in finance and accounting is evolving in the age of AI.

Topics discussed:

• Overview of survey findings
• The most pressing issue for finance leaders right now
• Uncertainty about the role of AI
• How finance leaders should approach AI when making outsourcing decisions
• Opportunities and challenges with outsourcing
• Advice for finance leaders considering outsourcing

Resources:

• Full report: Financial and Accounting Outsourcing in the Age of AI
• Highlights of report

The Financial Accounting Standards Board issued a new standard the that addresses concerns about accounting for derivatives. It covers the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract as well as the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services.

*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***

Resources:

• FASB Issues Standard on Derivatives Scope Refinements
• Accounting and auditing articles and events
• Join the Accounting & Auditing Standards Interest Group